The Number of Bitcoin “Wholecoiners” Just Hit a Fresh All-Time High
Bitcoin investors have been accumulating the digital asset at a rapid pace throughout the past several days and weeks, with the cryptocurrency seeing massive inflows of capital in August while its price remained somewhat stagnant between $11,000 and $12,000.
This trend is elucidated by the massive upticks in exchange volume seen throughout the month, pointing to the injection of new capital and new investors into the market.
It is important to note that data regarding the number of addresses holding over 1 BTC shows that investors have been accumulating to join the “wholecoiner” club over the past few months.
This is a positive development for the market, as it indicates that retail investors have been accumulating the benchmark cryptocurrency at a rapid pace.
This may help the market form a strong base to grow upon in the months and years ahead.
Crypto Markets See Heightened Retail Activity
NewsBTC reported earlier this week that cryptocurrency exchanges have been seeing massive inflows of trading volume throughout the past month, showing that the recent strength seen by the nascent market is attracting capital.
Trading volume on top-tier exchanges increased by 58.3% in August, now sitting at $529 billion.
As cited in the report, one research group explained that top-tier exchanges now represent 64% of the market’s total volume.
“In August, Top-Tier volumes increased 58.3% to $529bn while Lower-Tier volumes increased 30.2% to $291bn. Top-Tier exchanges now represent 64% of total volume (vs 60% in July).”
The same research group also found that volumes on the CME amongst institutional traders rose in tandem with that seen by exchanges.
This Key Data Metric Shows Retail Traders are Heavily Accumulating Bitcoin
The growing volume seen by exchanges comes as data points to an accumulation pattern amongst retail traders, with this being further accentuated by the rise in the number of wallet addresses holding one entire Bitcoin.
This data, which analytics firm Glassnode spoke about in a recent tweet, shows that individual investors have been increasing their exposure to BTC throughout the past few weeks and months.
“Unfazed by BTC’s price swings, the number of network addresses holding at least 1 BTC has shown a continuous growth over the years. The number of ‘wholecoiner’ addresses hit another ATH yesterday, closing the day above 823k for the first time.”
Image Courtesy of Glassnode.
If this trend persists in the near-term, it could forge a strong base for Bitcoin and the aggregated crypto market to rise upon.
Featured image from Unsplash.